“The housing component will bring more vitality to the area,’’ said Drew, whose company developed Boston’s World Trade Center complex and the Seaport Hotel. “I think it will also help give retailers confidence that there is enough business for them to come down here and open new operations.’’
With Drew’s project now moving forward, all four of the largest developers on the waterfront have either begun construction or are pledging to start work in coming months. Construction is already underway at Fan Pier, where developer Joseph Fallon is building a pair of office buildings for biotechnology company Vertex Pharmaceuticals Inc. At adjacent Pier 4, New England Development and the Hanover Co. of Houston are preparing to begin construction of an apartment and retail tower. And developer John Hynes has promised to start building apartments, stores, a cinema, and a business and innovation center across from the John Joseph Moakley United States Courthouse.
“This area has hit the tipping point,’’ said David Begelfer, chief executive of NAIOP Massachusetts, a commercial real estate association that yesterday hosted a seminar on the waterfront’s development. “There is a tremendous amount of optimism, and it’s not just the developers, it’s the capital markets as well.’’
As with many planned developments on the waterfront, Drew was forced to postpone construction of Waterside Place during the economic downturn, which dried up funding for large real estate projects in Boston and across the country. Waterside Place was initially approved in 2007 but soon faced delays due to legal and financial issues. In recent months, Drew has reconfigured his development plan, pursuing rental housing instead of condominiums and dividing the work into phases. He said yesterday he is close to securing financing, but would not say from where until the commitments are finalized.
